A Finance Broker operates as an independent agent in the course of financial negotiations and arranges loans of money on behalf of clients.
Occupation description
A Finance Broker operates as an independent agent in the course of financial negotiations and arranges loans of money on behalf of clients.
Occupations considered suitable under this ANZSCO code:
- Lease Broker
- Mortgage Broker
Occupations not considered under this ANZSCO code:
- Financial Market Dealer
- Futures Trader
- Stockbroking Dealer
- Commodities Trader
- Insurance Broker
- Financial Investment Advisers and Managers
- Credit and Loans Officer
These occupations are classified elsewhere in ANZSCO or are not at the required skill level.
Finance Broker is a VETASSESS Group C occupation
This occupation requires a qualification assessed as comparable to the educational level of an Australian Qualifications Framework (AQF) Diploma or higher.
Description of Pathways
The information below describes the available pathways for a Skills Assessment under Group C. Please note that in order to achieve a successful Skills Assessment Outcome, a suitable assessment for both qualifications and employment is required.
Pathway 1
This pathway requires a qualification assessed as comparable to the education level of an Australian Qualifications Framework (AQF) Diploma or higher and in a field highly relevant to the nominated occupation.
Diploma or higher includes AQF Advanced Diploma, Associate Degree, Bachelor Degree, Graduate Diploma, Master Degree or Doctoral Degree.
In addition, it is essential for applicants to meet the following employment criteria:
- at least one year of post-qualification employment at an appropriate skill level, undertaken in the last five years,
- working 20 hours or more per week, and
- highly relevant to the nominated occupation.
Pathway 2
This pathway requires a qualification assessed as comparable to the education level of an Australian Qualifications Framework (AQF) Diploma or higher and in a field not highly relevant to the nominated occupation.
Diploma or higher includes AQF Advanced Diploma, Associate Degree, Bachelor Degree, Graduate Diploma, Master Degree or Doctoral Degree.
An additional qualification in a highly relevant field of study at a minimum AQF Certificate IV level is required. Additional qualifications in a highly relevant field of study include those comparable to the AQF Certificate IV.
In addition, it is essential for applicants to meet the following employment criteria:
- at least one year of post-qualification employment at an appropriate skill level, undertaken in the last five years,
- working 20 hours or more per week, and
- highly relevant to the nominated occupation.
Pathway 3
This pathway requires a qualification assessed as comparable to the education level of an Australian Qualifications Framework (AQF) Diploma or higher and in a field not highly relevant to the nominated occupation.
Diploma or higher includes AQF Advanced Diploma, Associate Degree, Bachelor Degree, Graduate Diploma, Master Degree or Doctoral Degree.
In addition, it is essential for applicants to meet the following employment criteria:
- at least two years of post-qualification employment at an appropriate skill level, undertaken in the last five years,
- working 20 hours or more per week, and
- highly relevant to the nominated occupation.
Pathway 4
This pathway requires a qualification assessed as comparable to the education level of an Australian Qualifications Framework (AQF) Diploma or higher with or without a highly relevant major field of study to the nominated occupation.
Diploma or higher includes AQF Advanced Diploma, Associate Degree, Bachelor Degree, Graduate Diploma, Master Degree or Doctoral Degree.
In addition, it is essential for applicants to meet the following employment criteria:
- at least four years of employment at an appropriate skill level that includes at least one year of highly relevant employment within the last five years before applying,
- working 20 hours or more per week, and
- highly relevant to the nominated occupation.
Qualification and Employment Criteria
Employment
Highly relevant tasks include, but are not limited to:
- Determining clients’ specific financial requirements, and researching and reviewing finance products for suitability to meet clients’ requirements.
- Analysing clients’ financial status, discussing financial options and developing financial strategies.
- Recommending loan combinations that meet clients’ needs.
Additional tasks may include:
- Arranging home loan mortgages and other types of finance for clients through banks, lenders, and finance companies.
- Preparing documents that set out the conditions of finance, repayments and loan periods.
- Ascertaining clients’ current financial position and financial intentions.
- Providing information and advice about credit products and associated finance transactions.
- Identifying a range of credit providers that may approve a loan for a specific situation.
- Assessing clients’ borrowing capacities.
- Assisting in the selection of the most suitable loan structure and products that suit clients’ objectives.
- Completing loan application documents.
- Updating clients on the progress of their application and their credit approval.
- Keeping in touch with credit providers to ensure that settlement of clients’ loans occurs without unnecessary delay.
Employment information
Finance Brokers are ‘’go-betweens’’ who typically liaise with banks and credit unions on behalf of their clients to arrange home loans, car loans, commercial finance and investments.
They work as independent agents in assisting clients to access loans from a range of financial institutions. They typically work for dedicated mortgage broking or lease broking businesses, often small or medium-sized enterprises. Some may be self-employed.
Please note that Financial Dealers, Financial Investment Advisers and Managers are separately classified in ANZSCO, and will not be considered under this occupation.
Supporting Material for Assessment
When applying for a Skills Assessment, please ensure you submit sufficient evidence supporting your proof of identity, qualification and employment claims. A full list of the documents required can be found on the VETASSESS website under Eligibility Criteria.
While the VETASSESS Skills Assessment for migration purposes is distinct from an assessment for licensing or registration purposes, you are advised to provide copies of relevant licences (including from overseas), if held.
You are also further encouraged to provide evidence of membership of, or affiliation to, industry or professional bodies and copies of any relevant prizes, certificates or other forms of commendation.
You should also provide details of any relevant training or professional development courses undertaken. These may be detailed in the Curriculum Vitae/Resume provided.
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